The company is also said to be negotiating an order for up to six 14,500 boxships with Hyundai Heavy Industries (HHI), the Wall Street Journal adds.

Separately, Daewoo Shipbuilding & Marine Engineering Co (DSME) is reported to be in advanced talks to sign an MoU for at least five jack-up rigs worth at around USD 205 million each.

The post-sanction cooperation between the two nations has also seen DSME sign a business agreement on operation and technology instruction with the Iranian government for Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO).

The deal paves the way for DSME to share its technology and conduct consignment management on the Iranian shipbuilder.

The move is triggered by Iran’s desire to modernize its aging dockyards and build bigger ships especially on the back of the lifting of sanctions against the country since January this year.

In addition, earlier in May, Korean Register (KR) inked a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS).

The company will be called the ‘Iran-Korea Technology Assurance Company’, with 50-50 capital investment from KR and ICS and it is planned to be fully operational in 2017, focusing on delivering of plant facility certification and engineering services.

Moreover, Chinese counterparts are believed to be competing for the contracts as well as representatives from Chinese yards also went to Tehran to try to secure a portion of the ordering spree Iran is expected to embark upon as it pursues modernization of its outdated fleet.

China’s Dalian Shipbuilding Industry Co. is said to be vying for the boxship order.